The Treasury Division is responsible for estimation of revenues for the City of Charlotte. This function involves maintaining a comprehensive set of forecasting models for various tax revenues, maintaining debt models, and participating in utility rate setting.
In order to accurately estimate revenues, Treasury staff must review current economic conditions within the City of Charlotte and the region, track revenue flows, and follow legislative developments that effect revenues.
Recent developments include the repeal of the Business Privilege License Tax starting with the Fiscal Year 2016 (FY2016) budget. The repeal of the Business Privilege License Tax will result in an approximate $18 Million loss to General Fund revenue. While the Governor and State Legislators have voiced their commitment to finding replacement revenues for cities to offset this loss, no formal proposals on replacement revenues have been made.
The County Tax Assessor's Office continues to work with a consulting group to review all properties as a result of the FY2012 revaluation. The review is expected to be completed by February 2015, and the City does not anticipate any significant erosion of the tax base due to the review. As the economy continues to strengthen, the City has seen continued revenue growth from sales tax as well as tourism related taxes that had suffered during the Great Recession.
City Council approved the City's operating budget for FY2015 and FY2015-19 Capital Plan in June 2014. The budget maintains the City tax rate of 46.87¢ per $100 valuation.
For more information related to property assessment and land record management please visit Property Assessment and Land Records Management.
For additional information about revenues within the State of North Carolina please visit the N.C. Department of Revenue.
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